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CNBC Transcript: Warren Buffett and Bill Gates, Live on 'Squawk Box' - May 6, 2013

CNBC Transcript: Warren Buffett and Bill Gates, Live on 'Squawk Box' - May 6, 2013

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This is an unofficial transcript of Warren Buffett and Bill Gate appearing live on CNBC’s Squawk Box on Monday, May 6, 2013 from 6 am ET to 9 am ET.
This is an unofficial transcript of Warren Buffett and Bill Gate appearing live on CNBC’s Squawk Box on Monday, May 6, 2013 from 6 am ET to 9 am ET.

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Categories:Types, Business/Law
Published by: CNBC on May 08, 2013
Copyright:Attribution Non-commercial

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CNBC SQUAWK BOX TRANSCRIPT: Monday, May 6, 2013PAGE 1
 
OF
 
70
 
This is an unofficial transcript of Warren Buffett and Bill Gateappearing
live on CNBC’s
Squawk Box on Monday, May 6,2013 from 6 am ET to 9 am ET.
ANNOUNCER 
: The Oracle of Omaha.
WARREN BUFFETT:
Well, if youhave any left over, yeah, mark 'emdown, I'll buy one. (LAUGH)
ANNOUNCER 
: Warren Buffett gathering with his faithful.
BUFFETT:
Let Charlie try and do this. (LAUGHTER)
ANNOUNCER 
: Now he sits down with Squawk Box for a three hour longconversation, the economy, the markets, the business of BerkshireHathaway. A special presentation begins right now. (MUSIC)
BECKY QUICK:
Good morning, everybody. Welcome to Squawk Box hereon CNBC. I'm Becky Quick, reporting live from Omaha this morning. JoeKernen and Andrew Ross Sorkin are back at headquarters on the East Coast.We have the man of the morning with us, Warren Buffett. Obviously wehave a lot to talk about with him, including stock records runs, the Fed,bonds, the dollar and his deal for Heinz. But first, before we get to all of that, Joe and Andrew will have a short round up of the morning's topheadlines. And guys, I'll send it over to you.
JOE KERNEN
: Okay. Hello. Good morning. Hello, hello
 
BECKY:
Hello. Good morning.
JOE
: How are you? Hi
Warren.
BUFFETT:
Well, yeah I
you
 
JOE
: I keep hearing you talk about me, Warren. No one knows what theheck you said, so
I
I don't know. It's like who
(LAUGH) it's like one of the answers you get
 
BECKY:
No, I
 (OVERTALK)
 
 
CNBC SQUAWK BOX TRANSCRIPT: Monday, May 6, 2013PAGE 2
 
OF
 
70
 
JOE
:
to a lot of questions.
BECKY:
 
I was sitting
I was sitting right next to him and I heard himmention your name, too, and I'm not entirely sure what he said.
JOE
: Nobody knows.(OVERTALK)
ANDREW ROSS SORKIN
: Joe and I
Joe and I were having thisconversation this morning. He said, "What did he say?" And I said, "I'm notsure." And I actually said the
 (OVERTALK)
BECKY:
He said something nice about him.
JOE
: Was it, "Oh, it's
 
ANDREW
: It was nice.
BECKY:
It was
it was something
 
ANDREW
: It as nice. I think.
BECKY:
It was something about a question you (UNINTEL). It was nice, itwas a question about something you're always bringing up and it wasn'tNetJets.
BUFFETT:
See my lawyer. (LAUGH)(OVERTALK)
JOE
: That was a long time ago. All right. (LAUGHTER)
ANDREW
: Anyway, we're going get back
we're going get back to
toOmaha. And let me just say, Warren, at
'cause I
and I
I just got backnow. You
Warren and
Warren and Charlie (Munger) were on fire thisweekend, actually (RUSTLING) in a way that I don't think
we've been
 we've been asking these questions for now I think five years, and I thoughtthis was one of the most substantive meetings and just the most spirited of the discussions. Obviously Doug Kass
threw
threw a couple ones atthem, too. But it
I thought it was fascinating.
 
 
CNBC SQUAWK BOX TRANSCRIPT: Monday, May 6, 2013PAGE 3
 
OF
 
70
 
JOE
: Y
War
Warren, you
I
I've heard that people get to a certain agewhere they say whatever the hell they want to say. And I mean, has it gotanything to do with that or
 
BUFFETT:
Well, we
we give 'em a little food or things like that, (CHUCKLE)it's amazing how far it goes.
BECKY:
Yeah, it's true. I
I
I think though that
you and Charlie havebeen saying
kind of speaking your mind, Charlie in particularly
he may bealmost 90, but I
I think he was talking that way 30 years ago and even 60years ago.
BUFFETT:
He was talking that way when I met him in 1959. One of thethings that attracted me to him.
BECKY:
Yeah, so he had a lot of things that he had to talk about. ButWarren, before we jump into what happened this weekend, why don't westart off with the headline that the guys were just talking about, JP Morgan.You said before that you own shares in JP Morgan in your private account,not for Berkshire.
BUFFETT:
Right.
BECKY:
So, you get to vote on this, too. ISS came out with thisrecommendation, in terms of what they're saying about the directors, threedirectors they're saying you shouldn't vote for. They actually have somepretty harsh language in some of the things that they were talking about.They said, "The board appears to have been largely reactive, makingchanges only when it was clear it could no longer maintain the status quo."What do you, as a shareholder in JP Morgan think?
BUFFETT:
Well, I don't know the details, but if you're the director of a
acompany like JP Morgan
you cannot know the details of what's going onwith trading or anything of the sort. You really
your key decision iswhether you believe that you have the right CEO If you have the right CEOthe board has done its job, and
and if you prevent the CEO fromoverreaching in terms of (UNINTEL) or something. And
and I've writtenabout that. And
and I think they've got the right CEO I
I
so I thinkthey're
they're done their job.
BECKY:
Y
you told us last week that
that you think he should maintainboth his chairman and the CEO Titles as well.
BUFFETT:
I think
I think it's fine if he does. Sure.

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